G L Account G L Acct Long Text 100000 Bank Account 110100 Accounts Receivable (Direct Posting Account) 110150 Allowance for Bad Debt 110200 Interest Receivable 200600 Inventory Operating Supplies 200900 Inventory Raw Materials (Direct Post) 200910 Inventory Finished Goods (Direct Post) 200920 Inventory Trading Goods (Direct Post) 200930 Inventory Semi finished Goods (Direct Post) 210000 Prepaid Insurance 211000 Prepaid Supplies 212000 Prepaid Advertising 215000 Prepaid Rent 216000 Deposits 220000 Notes Receivable 220110 Land 220210 Production Machinery, Equipment and Fixtures 220310 Accumulated Depreciation Production mach, Equip 220400 Office Furniture 220500 Accumulated Depreciation Office Furniture 220600 Office Equip and Computers 220700 Accumulated Depreciation Office Equipment 300100 Payables Income Taxes 300200 Accounts Payable (Direct Posting Account) 300300 Payables Interest 300400 Payables Short Term Notes 300500 Payables Long Term Notes 300600 Payables Commissions 300700 Payables Salaries and Wages 300800 Accrued Expense 310000 Goods Receipt Invoice Receipt Account 320000 Accrued Tax Output 321000 Accrued Tax Input 322000 Unearned Revenues 329000 Common Stock 329100 Additional Paid in Capital 330010 Retained Earnings (Direct Post) 600000 Sales Revenue 610000 Sales Discount 620000 Miscellaneous Revenue 630000 Revenue Deductions 640000 Gain or Loss on Sale of Assets 650000 Customer Service Revenue 650100 Customer Service Revenue Settlement 720000 Raw Material Consumption Expense 720100 Finished Product Consumption Expense 720200 Trading Good Consumption Expense 720300 Semi Finished Consumption Expense 740000 Supplies Expense 740100 Utilities Expense 740200 Legal and Professional Expense 740300 Rent Expense 740400 Insurance Expense 740500 Payroll Expense Office 740600 Payroll Expense Administrative 740700 Sales Expense 740800 Tax Expense Property 740900 Tax Expense Income 741000 Miscellaneous Expense 741100 Labor Expense 741200 Bad Debt Expense 741300 Information Technology Expense Account 741400 Production Order Variance Expense Account 741600 Manufacturing Output settlement 741700 Manufacturing Output Settlement Variance 741800 Depreciation Expense 741900 Advertising Expense 742000 Vendor Discounts Missed 742100 Shipping Expense 760000 Purchase Price Difference 760100 Production Variance 770000 Research and Development 780000 Cost of Goods Sold Journal Entries 21 Beantown Bikes in Boston, MA placed an order with GBI for $27,450 in bicycles The cost of the bicycles is $17,092 Beantown Bikes is a new customer Its buyers saw GBIs booth at a trade show Because Beantown is a new customer, they must either wait until their credit can be approved or pay for the order before GBI will ship the bikes to them 22 January 26 GBI received notification from their bank that $27,450 had been transferred to their account from Beantown Bikes, so GBIs warehouse personnel shipped Beantowns order Beantown will be responsible for paying Fed X $360 for shipping the order 23 January 27 The county approved GBIs building plans for their new warehouse Estimated building costs are $1,050,000 which will be funded via a mortgage from Bank of America GBI plans to break ground on the new building April 18 th of this year 24 GBI sent a $30,890 check to Night Rider Aluminum Products for an order of bicycle parts GBI received December 30th 25 Big Apple Bikes in New York City is expanding to another location in New York and needs to stock the new location GBI received a phone order from Big Apple for $232,315 in bicycles and $108,490 in bicycle accessories and safety gear at special discount prices The cost of the bicycles in this order is $169,586 and the cost of the accessories is $65,094 Big Apple will have a contract trucking company pick up the order when it is ready The order is sent to GBIs warehouse for picking and packing which may take a couple days Payment terms to Big Apple for this order are net 30 26 January 31 GBI pays sales tax once a quarter via the states electronic filing and payment system GBI filed its return and paid $3,063 in sales tax for the quarter ending December 31 27 GBI paid Januarys rent of $4,500 for the office and warehouse space in San Diego 28 Big Apples truck arrived at GBIs warehouse and picked up the order from January 27 th

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G/L Account G/L Acct Long Text 100000 Bank Account 110100 Accounts Receivable (Direct Posting Account) 110150 Allowance for Bad Debt 110200 Interest Receivable 200600 Inventory-Operating

G/L Account	G/L Acct Long Text
100000	Bank Account
110100	Accounts Receivable (Direct Posting Account)
110150	Allowance for Bad Debt
110200	Interest Receivable
200600	Inventory-Operating Supplies
200900	Inventory-Raw Materials (Direct Post)
200910	Inventory-Finished Goods (Direct Post)
200920	Inventory-Trading Goods (Direct Post)
200930	Inventory-Semi-finished Goods (Direct Post)
210000	Prepaid Insurance
211000	Prepaid Supplies
212000	Prepaid Advertising
215000	Prepaid Rent
216000	Deposits
220000	Notes Receivable
220110	Land
220210	Production Machinery, Equipment and Fixtures
220310	Accumulated Depreciation Production mach, Equip.
220400	Office Furniture
220500	Accumulated Depreciation-Office Furniture
220600	Office Equip and Computers
220700	Accumulated Depreciation- Office Equipment
300100	Payables-Income Taxes
300200	Accounts Payable (Direct Posting Account)
300300	Payables-Interest
300400	Payables-Short-Term Notes
300500	Payables-Long-Term Notes
300600	Payables-Commissions
300700	Payables-Salaries and Wages
300800	Accrued Expense
310000	Goods Receipt / Invoice Receipt Account
320000	Accrued Tax Output
321000	Accrued Tax- Input
322000	Unearned Revenues
329000	Common Stock
329100	Additional Paid-in-Capital
330010	Retained Earnings (Direct Post)
600000	Sales Revenue
610000	Sales Discount
620000	Miscellaneous Revenue
630000	Revenue Deductions
640000	Gain or Loss on Sale of Assets
650000	Customer Service Revenue
650100	Customer Service Revenue Settlement
720000	Raw Material Consumption Expense
720100	Finished Product Consumption Expense
720200	Trading Good Consumption Expense
720300	Semi-Finished Consumption Expense
740000	Supplies Expense
740100	Utilities Expense
740200	Legal and Professional Expense
740300	Rent Expense
740400	Insurance Expense
740500	Payroll Expense-Office
740600	Payroll Expense-Administrative
740700	Sales Expense
740800	Tax Expense - Property
740900	Tax Expense- Income
741000	Miscellaneous Expense
741100	Labor Expense
741200	Bad Debt Expense
741300	Information Technology Expense Account
741400	Production Order Variance Expense Account
741600	Manufacturing Output settlement
741700	Manufacturing Output Settlement Variance
741800	Depreciation Expense
741900	Advertising Expense
742000	Vendor Discounts Missed
742100	Shipping Expense
760000	Purchase Price Difference
760100	Production Variance
770000	Research and Development
780000	Cost of Goods Sold

Journal Entries

21		Beantown Bikes in Boston, MA placed an order with GBI for $27,450 in bicycles. The cost of the bicycles is $17,092. Beantown Bikes is a new customer. Its buyers saw GBIs booth at a trade show. Because Beantown is a new customer, they must either wait until their credit can be approved or pay for the order before GBI will ship the bikes to them.
22	January 26	GBI received notification from their bank that $27,450 had been transferred to their account from Beantown Bikes, so GBIs warehouse personnel shipped Beantowns order. Beantown will be responsible for paying Fed-X $360 for shipping the order.
23	January 27	The county approved GBIs building plans for their new warehouse. Estimated building costs are $1,050,000 which will be funded via a mortgage from Bank of America. GBI plans to break ground on the new building April 18^th of this year.
24		GBI sent a $30,890 check to Night Rider Aluminum Products for an order of bicycle parts GBI received December 30th.
25		Big Apple Bikes in New York City is expanding to another location in New York and needs to stock the new location. GBI received a phone order from Big Apple for $232,315 in bicycles and $108,490 in bicycle accessories and safety gear at special discount prices. The cost of the bicycles in this order is $169,586 and the cost of the accessories is $65,094. Big Apple will have a contract trucking company pick up the order when it is ready. The order is sent to GBIs warehouse for picking and packing which may take a couple days. Payment terms to Big Apple for this order are net 30.
26	January 31	GBI pays sales tax once a quarter via the states electronic filing and payment system. GBI filed its return and paid $3,063 in sales tax for the quarter ending December 31.
27		GBI paid Januarys rent of $4,500 for the office and warehouse space in San Diego.
28		Big Apples truck arrived at GBIs warehouse and picked up the order from January 27^th.